We all know how hard it is to actually keep New Year resolutions and have the willpower to go to the gym or stay off the booze. And I am going to add some more challenges you could try. Arguably New Year is one of the best times to get your finances into shape and here are some ways you could do that:

Cut out spending on little things you don’t really need. This is basically my ‘coffee cup challenge’. If you stop buying just one cup of coffee a day on the way to work, the gym or the station, the savings will add up. And are there other items you could do without? Maybe you are a smoker. Giving that up really is a win-win. More money in your pocket and better health.

Shop around for services like insurance, gas and electricity. It is amazing what you can save by switching.

Work out ways to manage your debt, if you have any. It might seem like a mountain to climb, but every journey starts with small steps and it will be a fantastic feeling when you are debt-free.

Once you’ve started getting your spending and debt under control, you can start regular saving. That way you can build up a pot in case of emergencies, such as car repairs or a leaky roof.

And once you have got this far, you can think about investing for the longer term. There are lots of ways of doing this and the right ones for you depend upon your circumstances and your attitude towards risk. So, get some independent financial advice.

As the saying goes: here’s to a prosperous New Year. Happy 2020!

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No individual investment advice is given, nor intended to be given in this article and liability will be accepted in respect of any action you may take as a result of reading this article. If you are unsure you are urged to take independent investment advice.